Ride-Sharing Service Grab Expects US$2.5 Billion Funding Injection as it Prepares To Go Head-To-Head With Uber

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Southeast Asian ride-hailing service Grab expects to raise US$2.5 billion in a record round of fundraising to cement its lead over Uber Technologies in the region and grow its payments platform.

Southeast Asia has become a key battleground for technology startups vying for a market of more than 600 million people, with a burgeoning middle class as well as a youthful, internet-savvy demographic. Grab’s Chinese peer Didi Chuxing and Japan’s SoftBank Group, both of which are existing investors, will contribute up to US$2 billion to lead the current financing round, it said in its statement on Monday.